2013-00326 - escrow fee - Laserfiche WebLink

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� . ' DEMOLITION PERMIT 2013-00237 and BUILDING PERMIT 2013-00238 ESCROW AGREEMENT AGREEMENT made this (s' day of ':��C�� , 20%�, by and between the CI7Y OF ORONO, a Minnesota municipal corporation{"City"}and Bob �Jan Ryan("Owners"), Recftals 1. An application for a demolition perrrtit of the principal and accessory structures and a buiiding permit have been filad for the property located et 362b Elleen Street ("Subject Property"} legally described on the attached F�chibit"A°. 2. In conjunction with the demolitlon, erosion control measures are required as shown on attached Exhibit"B". PIOW,THEREOFRE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall deposit $2,5Q0 with the City. All accrued interest, if any, shall be paid to the City ta reimburse the City for its cost in administering the escrow account. 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee refmbursement to the City for all out-of-pockef casts (including planning, engineering, or legal consultant review)the City has incutred to assure that the erosion control measures are insta[led and maintained so the property compiies with the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to e(iminate any hazardous conditions associated with the work and to repair any damage to public property or infrastructure that is caused by the work. If compliance wifh the approved Land Disturbance Permit is not accomplished within the allowable time period, the City may bring the proJect into compliance by use of the security. 3. RIGHT OF ENTRY. The Owners hereby grant the City, its agents, employees, officers and contractors the right to enter the property to perform all work and inspections deemed appropriate by the City in conjunction with the required erosion control measures, including but not limited to constructing or completing any and all of the agreed upon improvements should the Owners' contractor not complete those improvements by the date specified herein. 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, fhe City wil! in turn send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Ov+mers do not make payment to the City within the timeframe outlined in#3 above, shall issue a Stop Work Order until the Owners pay all expenses ' invoiced pursuant to #3. The City may draw from the escrow account without further approval of the Owners to reimburse the City for eligible expenses the City has incurred. 5. CLOSING ESCROW. Any remaining amount of the financial security depaslted with the City for faithful perFormance of the plans and spec�cations and any related remedial work will be released after the completion and inspection of all such measures and the establishment of final stabilization for the Subject Property. 6. CERTIPY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligfble expenses incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the subject property pursuant to Minn. Stat. §§415.01 and 366.012. CITY: CITY OF ORONO OWNERS: BY� �� ,t ,� -�' Ge��-- lts: ( �1�1f �'C _f',�2.�� � �" t � �� fe�p��F.nT� —_._C(�lgniut�c��na[r��e��l�t��fl� ��apr_to�tr��a�r - _ ---__----- - — — — -� == = - _—=�---==---____ — _� _ — �—_- ---= - --- ---= == ��_ _ 150784